Strategies to Boost Hotel Revenue with Corporate Meetings and Events
Whether your hotel currently does corporate meetings and events or wants to drive more group sales, the opportunity exists to diversify your revenue stream. Across the industry, hotel operators, data specialists, and corporate event planners unanimously report that there has been a significant increase in the demand for meetings and events hosted at hotels. This is great news for hotels working to drive revenue.
Corporate meetings and events can range in size, scope, and purpose, including day-long company meetings, business luncheons, week-long team retreats, holiday parties, and destination company trips. These gatherings provide an invaluable opportunity for your guests to network, break out of the office environment, have fun, collaborate, and partake in team-building activities.
The question is, with all this potential business out there, how do you attract it? Here are some top ways your hotel can drive more corporate sales.
1. Use Your Assets
To distinguish your hotel as a premier choice for hosting meetings, it’s crucial to identify and emphasize what sets you apart from your competition. Look at your hotel’s unique selling points in comparison to other hotels. For instance, does your hotel boast a prime location? Are amenities such as a spa, restaurant, and bar part of the offerings? Do you offer large and smaller event spaces and flex spaces for people to gather? What special features does your hotel offer guests and event attendees? Do you have what corporate planners want? Once you have identified your hotel’s assets, promote them in order to increase revenue with booked meetings.
2. Adapt to the Corporate Landscape
Be sure to understand the industry as it is right now and where it’s going. It’s important to realize that certain things that may have worked in the past might not have the same effect today. At the same time, there are new opportunities today regarding meetings and events. Think out of the box and be creative in this new world of corporate gatherings.
Not all meetings and events look the same right now. If you have a big hotel, consider breaking up your hotel space so that you can use it simultaneously for more than one event. The more corporate events you book, the more profitable you will be.
3. Make Corporate Events Efficient
Is your hotel staffed to take on the big corporate fish out there? Regarding staffing for meetings and events, finding employees to plan and execute can be a struggle. Many hotels are short-staffed, so when working on booking more corporate group sales, look for ways to create efficiency. Learn how Tripleseat Hotels streamlines the management of group reservations and room allocations, keeping you abreast of all your leads and accounts. Automating follow-up tasks and routine data entry enables you to pursue and secure more business efficiently and with less staff.
4. Offer Technology For Hybrid Meetings
Virtual capabilities are one of the main things companies look for when holding their meetings and events offsite. Companies are back to holding in-person meetings, but virtual meetings are among the most sought-after parts of their operations. Many companies have gone fully remote or hybrid, requiring virtual and technological features to work without a hitch. As a hotel that hosts corporate meetings, ensuring your property has updated its technological capabilities to endure minimal issues is crucial. The last thing anyone wants is to run into a buffering delay or weak wifi connection. The more reliable your technology is, the more hotel revenue you will recognize for corporate meetings.
5. Promote Your Corporate Offerings
Make sure the marketing of your hotel is updated and top-notch. Having an optimized website with SEO and a strong internet presence is incredibly important to increase the visibility of your property – and give a visual of what your hotel can do. It could be beneficial to reach out to current corporate clients initially and arrange meetings to showcase your distinctive offerings. Additionally, investing in targeted paid marketing campaigns can effectively spread awareness.
5. Leverage Your Previous Group Business
You can significantly boost corporate event sales by maintaining strong relationships with past clients and continuously demonstrating the value your hotel offers. Begin by creating a comprehensive database of all previous corporate clients, noting key details such as the type of events they held and any specific preferences or requirements. Reach out to these clients with personalized communication, reminding them of the successful events they’ve previously held at your hotel and highlighting any new services or upgrades that might appeal to them. Consider offering exclusive deals or packages as incentives for repeat business. Additionally, encourage these past clients to provide testimonials or referrals, as word-of-mouth recommendations can be incredibly persuasive in the corporate sector. Networking events, where past and potential clients can interact and share experiences, can also serve as a platform for showcasing your hotel’s capabilities.
You can increase your revenue from meetings by using some of the strategies outlined here and actively engaging with potential corporate clients, business travel agents, and corporate event planners. This not only boosts overall earnings but also diversifies your revenue streams, a crucial factor in ensuring your hotel’s profitability.
Boost Your Corporate Meetings With Tripleseat Hotels
Want to learn more about event efficiency? Schedule a demo to see how Tripleseat Hotels can help you book more corporate groups.
